(Yicai) May 14 -- E-commerce behemoth Alibaba Group Holding trimmed its holdings of stocks listed in the United States by over 60 percent in the first quarter, liquidating its stakes in video platform Bilibili and genetics testing company 23andMe Holding while adding Quora-like Zhihu.

The Chinese tech titan that is struggling with slowing revenue growth owned USD154.2 million of US-listed equities as of March 31, down from USD420.7 million in late December, the Hangzhou-based firm noted in its filing submitted to the US Securities and Exchange Commission yesterday.

Over the three months, the owner of Taobao and Tmall cleared up its holdings of Bilibili, unloading 10 million American depositary shares, worth USD121.7 million as of Dec. 31. Alibaba also terminated its positions in Hello Group, the parent of social networking application Momo, and 23andMe, an American company that helps people discover health insights and ancestry based on DNA testing.

Alibaba explained in March that it unloaded Bilibili to pursue its asset management goals and that the move should not impact the pair’s business partnership. Alibaba bought 13.6 million common shares of the video-sharing platform, as well as 10 million ADS in 2019, resulting in a stake of around 8 percent.

After a major management reshuffle last year, Alibaba has zoomed in on two core businesses, e-commerce and cloud computing. The sharpened focus is showing in financial investments as last month, the firm said it would sell its 38 percent stake in Shiji Retail Information Technology, a software provider for shopping malls.

Still, Alibaba is not only selling but also buying. It purchased 10.5 million ADS of Zhihu, a Chinese Quora-like platform, in the first quarter, worth USD7.2 million as of March 31.

The tech titan held onto its positions in social media platform Weibo and electric vehicle startup Xpeng, worth USD81.8 million and USD51.1 million, respectively, according to the filing.

Editor: Emmi Laine